Latest Lawsuit Against OCC Fintech Charter

The Conference of State Bank Supervisors filed a complaint today arguing against the OCC’s national bank charter; they had previously filed a lawsuit in 2017, which was ultimately dismissed but now that the fintech charter is finalized they have refiled their suit; an OCC spokesperson wrote, “While the OCC does not comment on litigation, the OCC is confident in its statutory authority to issue national bank charters, including special purpose charters, to companies engaged in the business of banking and that qualify.” Source